以太坊2层赚取的超额利润征税的标准宪章呼吁

周一，宪章呼吁征收由以太坊ETH/USD运作的第2层区块链赚取的超额利润的税，警告说未经这样的措施

Standard Chartered is calling for the taxation of excess profits earned by Layer-2 blockchains operating on Ethereum (CRYPTO: ETH), a move the bank believes is necessary to prevent further declines in the world’s second-largest cryptocurrency’s price and market cap.

标准宪章呼吁征收由以太坊（Crypto：ETH）运作的第2层区块链赚取的超额利润的税收，银行认为必须采取行动，以防止在世界第二大加密货币价格和市值中进一步下降。

In a new research note on Monday, the British multinational bank proposes that a portion of the profits reaped by these secondary chains—specifically highlighting Base, a Layer-2 developed by Coinbase (NASDAQ:COIN) (CRYPTO: CBI )—should be channeled back to the Ethereum Foundation to mitigate the implications of increased scalability.

在周一的新研究报告中，英国跨国银行提出，这些次要连锁店所获得的一部分利润（特别是突出的基础）是由Coinbase（Nasdaq：Coin）开发的2层（Crypto：CBI）（CBI：CBI），可以将其引导到以太坊基础上，以减轻可提高可扩展性的含义。

"The solution would be to tax Layer 2 super-profits in the same way governments sometimes charge super taxes for foreign-owned mining companies that extract excess profits," said Geoffrey Kendrick, Standard Chartered's Global Head of Digital Assets Research.

标准Chartered全球数字资产研究负责人Geoffrey Kendrick说：“解决方案是以相同的方式征税2级超级基金，有时为提取多余利润的外国矿业公司收取超级税款。”

The report highlights how the significant rise of Base has had a substantial impact on Ethereum's market cap. As Base retains a majority share of its fee revenue—estimated at 80%—for Coinbase, only a small percentage is returned to the Ethereum network for Layer-1 settlements.

该报告强调了基本的重大兴起如何对以太坊的市值产生重大影响。由于基地保留了其收费收入的大部分份额（估计为80％），因此只有一小部分返回到以太坊网络以进行第1层的定居点。

This dynamic, in the context of Ethereum's own upgrades like the 2022 merge to proof-of-stake and the 2024 Dencun update, has led to increased scalability and reduced fees, it has also commoditized Ethereum within its own ecosystem, enabling Layer-2s to dominate revenue generation.

在以太坊自身的升级背景下，如2022年合并到持有证明和2024 Dencun更新的背景下，它导致了可扩展性和降低的费用，它还在其自身的生态系统中商品化了以太坊，使第2层能够在层次上产生收入的产生。

"Changes made to Ethereum over the past few years, while perhaps necessary, have been value destructive," Kendrick added. "The merge removed ETH's unique proof-of-work status among smart contract peers, and the Layer 2 concept gave away value for free. Dencun then gave Layer 2s even more power and created super-profits for them."

肯德里克补充说：“在过去的几年中，对以太坊的变化虽然也许是必要的，但却具有破坏性。” “合并删除了ETH在智能合约同行中的独特工作证明状态，而第2层的概念给出了免费的价值。随后，Dencun赋予了第2层更大的权力，并为他们创造了超级实践。”

The analysis introduces the concept of blockchain "GDP" to measure value generated within Ethereum's ecosystem, comparing it to national economic output. This metric reveals that a growing share of transaction activity—and profits—are occurring off the Ethereum mainnet, especially on Base, further supporting the case for intervention.

该分析介绍了区块链“ GDP”的概念，以衡量以太坊生态系统中产生的价值，并将其与国家经济产出进行比较。该指标表明，越来越多的交易活动和利润出现在以太坊的主网上，尤其是在基础上，进一步支持了干预案例。

While other Layer-2s like Arbitrum (NYSE:ARB) (CRYPTO: ARB) and Optimism (CRYPTO: OP) do not extract profits externally in the same way, the report singles out Base as a source of market cap erosion. The Base chain, which Standard Chartered describes as "explosively growing," now accounts for the majority of new addresses among major Layer 2s, suggesting that this trend could accelerate unless corrective action is taken.

虽然其他第2层（例如仲裁（NYSE：ARB））（加密：ARB）和乐观（Crypto：op）不会以相同的方式提取利润，但该报告将基础列为市场上限侵蚀的来源。该标准特许将基本链描述为“爆炸性增长”，现在是主要层2s中的大部分新地址，这表明除非采取纠正措施，否则这种趋势可以加速。

Standard Chartered argues that only a proactive shift from the Ethereum Foundation—such as implementing a tax on Layer 2s—can reverse the current trajectory. Without it, the bank sees Ethereum's performance relative to Bitcoin (CRYPTO: BTC) continuing to deteriorate in the coming years.

《标准特许》认为，只有从以太坊基金会（例如对第2层征税）的主动转变才能扭转当前轨迹。没有它，该银行将看到以太坊相对于比特币（Crypto：BTC）的表现，在未来几年中继续恶化。

Standard Chartered has revised its Ethereum price target downwards, now forecasting ETH to reach $4,000 by the end of 2025, a sharp cut from the previous $10,000 estimate. The ETH-BTC price ratio is also expected to fall, hitting 0.015 by 2027—its lowest since early 2017.

Standard Chartered已将其以太坊价格目标定为下降，现在预测ETH到2025年底将达到4,000美元，比以前的10,000美元估计幅度急剧削减。 ETH-BTC的价格比也有望下降，到2027年达到0.015，这是自2017年初以来最低的。